Dec 26, 2012 7:00pm EST
future and would turn off the sequester by switching defense cuts over to domestic programs. democrats, of course have no intention of doing that. especially after president obama won the election. senate democratic leadership aide tells me that will remains a 50/50 chance we will get a mini deal temporary extension of tax cuts under $250,000 before the january 1 deadline when we would go over the cliff. will are no assurances of that. a white house official told me as president obama prepares to fly back to conduct and participate in the negotiations at the end, there has been no progress over the holiday weekend. michelle, i'm afraid that people who are looking for a deal and looking for a deal by december 31, all hope is not lost. it is not looking good at the moment. >> let's go back to this hitting the debt ceiling on monday. we learned of this because treasury secretary tim good night mother sent a letter to the honorable harry reid majority leader. and that's where he outline it is fact that in three business days, the summit government is going to run out of borrowing capacity.
Dec 27, 2012 7:00pm EST
happen across the board and they happen in defense and in medical as well. how much are those providing services to those sectors of the economy. >> one is my sister. she's a doctor and runs two medical practices here in the philadelphia area and she's a small business owner and it will hit her pretty hard because medicaid payments will be cut. people in other industries, particularly like you had said, tied to defense, those people will be hurting as well. however, if you're in the accounting business, what with the increase of taxes not such a bad year for you next year so it depends on what kind of business you're in. >> oh, yeah. if you prepare tax filings you're going to -- it's great, right? the more complicated the taxes get the better it is for you. it's terrible. >> you got it. legal profession, if you're in temporary services because people want to hire, not such a bad year for you or if you provide some type of technology services that will save companies money or reduce their overhead also not such a bad outlook. it happeneds on the small business that you're in, absolutely,